Sandwich Panels Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Sandwich Panels Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The sandwich panel market is expected to register a CAGR of greater than 6% during the forecast period (2022-2027).

The market was negatively impacted due to the COVID-19 outbreak in 2020. Owing to the pandemic scenario, several countries around the world went into lockdown. Construction works were halted temporarily due to supply chain disruptions, lack of funds, labor shortages, and lockdown restrictions. Hence, all these factors hindered the growth of the sandwich panels market.

• Over the medium term, the rising demand for these panels from the cold storage facilities is expected to drive the market. Moreover, the usage of PVDF-based aluminum composite panels is also expected to contribute to the market demand.
• On the flip side, the low fire performance of some sandwich panels is expected to restrain the market.
• Industrial sector is projected to dominate the market over the forecast period.
• Asia-Pacific region is expected to dominate the market with largest consumption from countries such as China, Japan, and India.

• In modern-day construction, the use of high-performance materials is essential. High performance entails that the material is strong, lightweight, and durable, and can be used in a variety of applications. ​For this reliability, sandwich panels can be one of the best options for industrial buildings.
• The number of cold storage operations that are meant to extend and ensure the shelf life of fresh agricultural produce, seafood, frozen food, photographic film, chemicals, and pharmaceutical drugs is rapidly increasing.
• The expansion of food retail chains by multinational companies has led to an increase in the demand for cold storage. These factors, in turn, are expected to augment the demand for sandwich panels across the globe.
• The global cold chain logistics market was worth almost USD 248 billion in 2020 and is expected to exceed USD 410 billion by 2028.
• According to European Cold Storage and Logistics Association (ECSLA), through 370 companies represented by the association all across Europe, 1,240 cold storage facilities are been operated, with a capacity of 60 million cubic meter of chilled and frozen storage capacity in 2020.
• Although the current impact of COVID-19 halted production in the construction sector at present, the industry is expected to recover soon. Overall, the growing industrial sector is expected to drive the market for sandwich panels through the years to come.

• Asia Pacific region is expected to dominate the global market due to the high demand from countries such as China, India, and Japan.
• China is one of the major countries in Asia-Pacific with ample construction activities, with the industrial and construction sectors accounting for approximately ~50% of the GDP.
• However, the economy looks shaky as the country is dealing with the Evergrande crisis (the company has USD 300 billion of liabilities alone as of June 2021) and a full-fledged Chinese financial crisis and a recession can’t be ruled out.
• In India, in the next 4-5 years Rs 21,000 crore has been planned to be invested in setting up or upgrading cold storage to address the problem of stockpiling of perishable commodities. There has been an urgent need to upgrade the existing cold storage plant machinery, and technology.
• Japan’s construction sector is expected to expand at a moderate pace, over the next 5 years, owing to increasing investments in public and private infrastructure, renewable energy, and commercial projects.
• Based on the aforementioned aspects, Asia Pacific region is expected to dominate the global market during the forecast perdiod. (2022-2027).

The sandwich panel market is fragmented, with the presence of numerous players sharing the market demand for sandwich panels. Key players in the sandwich panels market include (in no particular order) ArcelorMittal , ITALPANNELLI SRL​, RautaruUnited Kingdomki Corporation, Tata Steel, and Kingspan Group, among others.

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